Loopholes on home sale fee slammed shut March 21, 2012 AN AGGRESSIVE crackdown against stamp duty avoidance on high-end properties will begin today, as the government slaps a punitive tax on the sales of expensive homes that wealthy people put into companies’ names. Sales of properties worth £2m or more that are “enveloped” in a bid to avoid the tax, will now be hit with [...]
Granny tax to hit 4m people March 21, 2012 MORE than four million pensioners will be hit by a “granny tax” after George Osborne said he would freeze the amount of income that is not subject to tax. The chancellor is set to raise £3.3bn from the measure over five years as part of Treasury measures to simplify the “complicated” system of age-related allowances. Osborne [...]
Osborne plans crackdown on avoidance schemes March 21, 2012 A GENERAL anti-abuse rule (GAAR) will be consulted on and implemented next year with the aim of stopping firms and individuals using “aggressive” tax avoidance schemes. George Osborne described tax evasion and extreme tax avoidance as “morally repugnant,” saying he wants firms to respect parliament’s will. The rule is expected to be based on a [...]
Stamp duty hike to hit £2m houses March 21, 2012 THE GOVERNMENT has clamped down on Britain’s wealthiest property owners by raising stamp duty paid on homes costing more than £2m to seven per cent. The changes to the stamp duty bill mean anyone who wants to buy a house above the £2m threshold will now have to pay at least £140,000 in tax on [...]
Cap on income tax reliefs set to raise £300m but charities will suffer most March 21, 2012 CHARITIES fear that changes to tax relief announced in yesterday’s Budget could “strangle” major donations to good causes. The Charities Aid Foundation (CAF) warned that a cap on income tax rebates may put off philanthropists from making major donations to good causes, saying the change is at odds with government policy. “Tax relief on major [...]
Tobacco sellers furious over steep rise in duties March 21, 2012 THE TOBACCO industry has criticised a tax hike of five per cent over inflation on its products, which will cost smokers 37p more per pack of 20 cigarettes. Local shopkeeper and Tobacco Retailers Alliance spokesperson John Abbott highlighted tobacco smuggling, more underage people buying on the black market and corner shops closing down as “negative knock-on [...]
Hike in income tax threshold aids low-paid March 21, 2012 NICK Clegg moved closer to securing a core Liberal Democrat aim on tax yesterday as George Osborne announced a shake-up of personal allowances that will affect up to 24m people. Osborne outlined plans to raise the threshold for paying income tax to £9,205, higher than a planned increase to £8,105, affecting those who earn less [...]
300,000 are forced into 40p tax band as limits are altered March 21, 2012 MORE than 300,000 people will be pushed into the 40p tax band to help subsidise a tax cut for the lowest-paid workers. While the personal allowance, or the amount that workers can earn before they have to pay income tax, is rising, those with higher incomes will not benefit significantly from the change because the threshold [...]
OBR: Osborne on track to hit debt targets March 21, 2012 THE ECONOMY should grow quickly enough for the government to hit its borrowing targets, the Office for Budget Responsibility reported yesterday – though it stressed risks remain from instability in the Eurozone and rising oil prices. GDP should start growing strongly into 2014, inflation is expected to stabilise in 18-months time and the deficit will [...]
Billions saved by planned 2015 Afghan withdrawal March 21, 2012 BRITAIN’S spending on its military mission in Afghanistan will be £2.4bn less than expected in the years leading to 2015, George Osborne announced yesterday. “In line with the process of transition to Afghan-led security and the government announcement that UK combat operations in Afghanistan will cease by the end of 2014, the Special Reserve provision [...]